Blockchain finally made it to the real estate industry. In 2019, ShelterZoom will unveil its blockchain-based real estate solution to the public. It aims to begin employing blockchain technology by streamlining property transactions. ShelterZoom’s new widget leverages an “Offer Now” feature for mobile devices. Other features are planned upon the success of the initial release.
Blockchain for Real Estate
Some developers believe that real estate property deals can be completed as easily as a push button feature on a smartphone. ShelterZoom’s app benefits all parties involved in a real estate transaction. It provides for the real time monitoring of offers and acceptances made by buyers and sellers. Real estate agents will be capable of monitoring these transactions as well as all the aspects necessary for a completed deal. Property titles, inspection documents, and mortgages are all made available to clients and agents through the app. There are already clear benefits for transparency of the transaction process and reduced time to complete the requisite paperwork. ShelterZoom uses the Ethereum blockchain to provide these services.
Improved Security and Efficiency
A blockchain-based real estate solution offers better security and efficiency. SheleterZoom describes its current blockchain app as a complimentary tool. It is already an improvement in terms of efficiency. The plan is to develop a robust and intuitive platform that will better connect all parties involved in the process of fulfilling a real estate transaction. In terms of improved security, ShelterZoom is working on adding electronic signatures in a later release.
While agents are excited about clients instantly submitting offers online, there is some concern over the transition. The real estate industry is generally more conservative than other industries when it comes to technology. Still, the overall benefits and improved interoperability are simply too promising to ignore.
The ShelterZoom widget does not currently handle money. Though, it does enable banks to take part of its platform now. In the future, smart contracts will be employed to execute monetary exchanges. This is a straightforward application of the Ethereum blockchain where two parties will need to agree prior to any funds being released. Another aspect on the horizon includes tokenization. All of these advancements serve to improve trust within the industry, as well as, streamline real estate business dealings.